Souza's nude work sold for Rs 6.57 Cr

The Art auction held in Mumbai focused on Goa, Cholamandel and South India showcasing antiquities and prints on Tipu Sultan among other artworks.

The highest bid of Rs 6,000,000 went to Souza followed by a fantasy series by K Ramanujam valued at Rs 4,800,000, establishing a new record price for the artist, according to the auction house.

Of the 120 lots put up for auction on June 21 here, 70 lots (58.33 per cent ) were sold garnering a total sales of Rs 65,788,800 (USD 1,196.160) with an average lot price of Rs 938,697 (USD 17,088).

The successful conclusion of the Creative India Series of Auctions marks an active return of Osian's to the art market after a gap of fifteen months, says the auction house. The total accruals for the four actions were Rs 40.90 crores

"These sales have helped Osian's regain its financial leadership position in the Indian market and second place in the global market behind Christie's," according to a statement released by the auction house on Monday.

Neville Tuli, Chairman, Osian's said, "The Creative India Series has captured the imagination of the art market and collectors by its boldness of conducting such historically driven auctions during such a difficult financial period when the majority are only interested in buying the top 10 established artists." The first in the Osian's Connoisseurs of Art auction focused on artists from Bengal and featured 123 lots had fetched net sales of Rs 7.95 crores. The highest bid of Rs 60,00,000 went to a Nandlal Bose painting.

The second Osian's Connoisseurs of Art auction focussing on art from the region of Punjab and Delhi generated Rs 1,41,402,000 in net sales with artwork by Tyeb Mehta fetching the highest bid of Rs 22,800,000.

In the third auction of the series held in Mumbai on March 23 that focused on Bombay and Baroda fetched Rs 127, 722,000 with a SH Raza diptych grabbing the top sale price of Rs 9,000,000.

Next up on line is the July 31 inaugural Cinefan Film Memorabilia Auction of Indian Cinema and Hollywood as part of Osian's-Cinefan Film Festival here.